Dolby Laboratories, Inc. (NYSE:DLB) Position Cut by Versor Investments LP

Versor Investments LP lowered its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 57.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,171 shares of the electronics maker’s stock after selling 4,308 shares during the period. Versor Investments LP’s holdings in Dolby Laboratories were worth $243,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Boston Trust Walden Corp increased its holdings in shares of Dolby Laboratories by 185.3% during the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock valued at $82,276,000 after purchasing an additional 698,283 shares during the period. Acadian Asset Management LLC raised its position in shares of Dolby Laboratories by 39.8% during the 2nd quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker’s stock worth $51,698,000 after buying an additional 185,884 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Dolby Laboratories by 27.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock worth $62,817,000 after acquiring an additional 168,744 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after acquiring an additional 107,713 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Dolby Laboratories by 16.2% during the second quarter. AQR Capital Management LLC now owns 627,160 shares of the electronics maker’s stock valued at $49,690,000 after acquiring an additional 87,298 shares during the period. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Price Performance

DLB stock opened at $71.73 on Friday. The firm has a market cap of $6.84 billion, a PE ratio of 32.75 and a beta of 0.98. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06. The firm has a 50 day simple moving average of $73.62 and a 200 day simple moving average of $76.16.

Dolby Laboratories declared that its Board of Directors has authorized a share buyback program on Wednesday, August 7th that authorizes the company to repurchase $350.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

DLB has been the subject of a number of research analyst reports. StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 8th. Barrington Research reaffirmed an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, September 20th.

Insider Activity

In related news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total value of $2,113,309.44. Following the transaction, the chief executive officer now directly owns 83,721 shares in the company, valued at $6,205,400.52. The trade was a 25.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 39.54% of the company’s stock.

Dolby Laboratories Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.